Axios

Blackstone Group's Invitation Homes went public today, selling 77 million shares at $20 each. Since trading opened has been fluctuating above the issue price, with an early peak of $20.42.

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Data: Money.net; Chart: Lazaro Gamio / Axios

Why this matters: This is the largest stock market debut by a U.S. real estate investment trust (REIT) since 2014, when Paramount Group Inc. raised $2.29 billion. Invitation raised $1.54 billion.

A new study shows mobile adblock usage increased 40% in the Asia-Pacific region in 2016. For perspective, 58% of Indonesians block mobile ads compared to 1% of Americans.

The study, commissioned by PageFair, shows that mobile adblock usage significantly outpaces desktop worldwide by a 2 to 1 margin.

Overall, adblock use increased by 30% globally in 2016, with 11% of all Internet users employing adblock technology on their mobile or desktop devices.

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Data: PageFair; Chart: Andrew Witherspoon / Axios

Under Armour shares fell more than 28% on Tuesday, following a disappointing earnings announcement in which it dramatically dialed back expectations for revenue growth in 2017.

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Data: Money.net; Chart: Andrew Witherspoon / Axios

Why investors are grumpy: Under Armour is a quickly growing company, gunning for well-established brands like Nike. It's stock price relative to its actual earnings has been more than three times the average consumer goods firm, and that means that investors must see very large, continuous revenue gains to continue to hold the stock. Even though Under Armour projects 11% or 12% top-line growth this year, that was roughly half what analysts were expecting.

Sean Spicer held a tumultuous briefing this afternoon with the White House press corps, but hopefully this weekend will be a little more relaxed as he announced that President Trump will be in Mar-a-Lago (or "the Winter White House") for the weekend, departing on Friday.

1. "It's not a ban": @realDonaldTrump at 8:31 AM yesterday, "If the ban were announced with a one week notice, the 'bad' would rush into our country during that week. A lot of bad 'dudes' out there!"
2. On the battlefield: Spicer dodged the question when asked if Trump still believes in targeting the families of terrorists, but he did pledge that no American citizen would ever be targeted in a counterterrorism strike.
3. On the Yates firing: "This isn't about joining the government to execute your ideas or opinions ... If they don't like it, they shouldn't take the job. But it's the President's agenda that we're fulfilling here."
4. SCOTUS: "We've got an individual that I think is going to have widespread bipartisan support." Spicer deferred to Mitch McConnell when asked if Trump supports the Senate invoking the "nuclear option" for Supreme Court nominees.
5. At war with the media: Tensions ran high between Spicer and the press corps. When pressed on POTUS' tweet, Spicer said, "He's using the words that the media is using." He further told reporters, "You are part of the confusion." He also specifically cited the New York Times report on the executive order as "false reporting." Watch it below:

Warren Buffett told Charlie Rose on Friday that since the election day, his firm, Berkshire Hathaway, has bought $12 billion in stock.

This represents a shift of strategy for Buffett, who was a net seller of stocks in the first nine months of last year.

Why this matters: Even Buffett, who was a Hillary Clinton supporter, recognizes that the pre-election fear that a President Trump would destabilize the global economy was overblown. The 7% rise in the S&P 500 since election day has proven Buffett right, yesterday's declines notwithstanding.

Republican sources tell us that the Department of Homeland Security may issue "implementation guidance" that would allow for softening, and even policy changes, to President Trump's travel restrictions on migrants. The White House insists that any further guidance wouldn't constitute a walk-back.

But the internal conversation, led by Homeland Security Secretary John Kelly, reflects the widespread view among top Republicans that the current chaotic situation — beset with blame-casting, backstabbing and unintended consequences — is untenable.

Walmart takes on Amazon Prime: The retail giant, which last year acquired Amazon competitor Jet.com for $3 billion, is adding free two-day delivery for orders $35 and over and without membership fees (Amazon charges $99 a year).

Competing directly with Amazon is a big challenge. Walmart will now see if consumers prefer to trade membership fees (Walmart previously charged $49 per year) for a minimum order size. In any case, free two-day shipping has become "table stakes" in the online retail wars, said Jet.com co-founder Marc Lore.

Google employees rally for immigration: On Monday, more than 2,000 Alphabet employees gathered to march and rally at various company locations worldwide in protest of Trump's recent immigration executive order. Co-founder Sergei Brin and CEO Sundar Pichai gave speeches at the company's headquarters in Mountain View., Calif.

According to former YouTube executive Hunter Walk, Alphabet employees reached the $2 million mark in donations the morning after the company announced it would match donations to a legal defense fund.